23% Increase in TSP Millionaires So Far in 2023

Despite the recent declines in the stock market, the number of TSP millionaires has risen sharply in 2023.

The number of TSP millionaires has risen sharply over the past year thanks to the performance of the stock market in 2023.

According to the latest figures from the Federal Retirement Thrift Investment Board (FRTIB), the agency that oversees the Thrift Savings Plan (TSP), there are now 94,873 TSP millionaires as of the end of September 30, 2023. This is a 23.4% increase since December 31, 2022 when there were 76,889 TSP millionaires. This also represents an 8.5% increase since the end of the first quarter of 2023 when there were 88,265 TSP millionaires at the end of March.

Although there was a decline in the number of TSP millionaires since the end of the second quarter, the overall total is up sharply over 2022. At the end of June 2023, the total number was 100,534.

What is the largest TSP account balance? According to the latest figures, the biggest TSP account balance was $7,226,814.30 at the end of September. This is up from $7,170,226.61 at the end of March, an increase of 0.89%.

There were 6,914,622 total TSP participants and $783 billion in total assets in the TSP as of September 30, 2023.

16% Drop in TSP Millionaires Since December 2021

Despite the turnaround in 2023, the total number of TSP millionaires is still lower than it was two years ago. As of December 31, 2021, there were 112,880 millionaires in the federal government’s Thrift Savings Plan (TSP). It may be a while before that number is reached again, especially given the more shaky performance of the stock market during the past three months.

At the end of September 2022, there were only 65,494 TSP millionaires. This means that the number has increased a whopping 45% since then.

How Has the Number of TSP Millionaires Changed Over the Last Decade?

The first time FedSmith reported on the number of TSP millionaires was in January 2012. At the end of December 2011, there were only 208 TSP millionaires.

The number has increased rapidly since then through the inevitable ups and downs of the stock market. The figure at the end of 2022 was the lowest number of TSP millionaires since December 2020.

This table displays how the number has changed over time.

January 2012208
December 20169,599
December 201723,962
December 201821,432
December 201949,620
December 202075,420
June 202198,879
September 202198,523
December 2021112,880
March 2022100,364
June 202272,241
September 202265,494
December 202276,889
March 202388,265
June 2023100,534
September 202394,873

Breakdown of TSP Account Balances and Average Years of Contributions

As one might expect, federal employees who have become TSP millionaires have been investing in the TSP a lot longer. The average years of contributions for those who have achieved millionaire status is 29.43 as of the end of September 2023.

The average number of contributing years for all TSP participants is 10.66.

Account BalanceTotal ParticipantsAverage Years of Contributions
< $50,0004,273,1836.01
$50k – $249k1,693,14415.42
>= $1 million94,87329.43
As of September 30, 2023
Bar graph showing the total number of TSP millionaires and the number of TSP participants by account balance
Credit: FRTIB

2023 TSP Performance

Better performance of the stock market so far in 2023 has bolstered the performance of the TSP funds which led to an increase in the number of TSP millionaires. As of the close of markets on November 2, 2023, all but one of the TSP funds (F Fund) have had a positive return so far this year.

The stock market has declined over the last three months, but the year-to-date returns along with the growing number of TSP millionaires are evidence of the importance of keeping invested for the long term and riding out the inevitable short-term increases and decreases of the stock market.

2023 TSP Performance as of November 2, 2023

G Fund3.42%
F Fund-1.06%
C Fund13.95%
S Fund5.04%
I Fund6.62%
L Income4.96%
L 20256.01%
L 20307.42%
L 20357.76%
L 20408.12%
L 20458.40%
L 20508.72%
L 205510.14%
L 206010.14%
L 206510.13%
Source: TSPDataCenter.com

TSP Millionaires FAQ’s

How many TSP millionaires are there?

There are 94,873 TSP millionaires as of September 30, 2023.

What is the largest TSP account balance?

The largest TSP account balance was $7,226,814.30 as of September 30, 2023.

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He has over 20 years of combined experience in media and government services, having worked at two government contracting firms and an online news and web development company prior to his current role at FedSmith.